The National Board of Revenue (NBR) has decided to take effective steps to boost revenue collection by disposing of thousands of tax-related cases pending in various courts for years together, involving Tk 25,783 crore, reports UNB.
NBR chairman Md Nojibur Rahman has asked the officials concerned to expedite the Alternative Dispute Resolution (ADR) process for disposing of the pending cases, an NBR senior official told UNB.
The number of pending income tax, VAT and Customs cases in the High Court is 22,747 and the amount related to these cases is Tk 25,783 crore.
Among the cases, the income tax-related cases are highest in numbers while the highest amount of money is stuck in the VAT-related cases.
Recently, the Supreme Court upheld a government order that asked the Brac to pay Tk 404.20 crore due income tax in 11 years between 1993 and 2012.
A five-member bench of the Appellate Division headed by Chief Justice Surendra Kuma Sinha delivered the verdict after hearing 11 separate appeals filed by the government against a previous High Court ruling in favour of Brac.
The HC on December 14, 2014 declared Brac as tax exempted considering it a charitable organisation.
The NBR introduced ADR on July 1, 2012 to speed up disposal of the revenue-related cases through out-of-court settlement.
Some 375 cases have been so far settled through ADR involving revenue worth Tk 119.87 crore.
"The NBR chairman also asked the officials to take all out efforts to realize the outstanding taxes," the NBR official said.
He said the NBR has decided to take these efforts as it got a gigantic revenue collection target of Tk 2,03,212 crore which is 35.4 percent higher than the revised target of the 2015-16 fiscal.
VAT will be the biggest contributor with Tk 72,764 crore, while Tk 71,940 crore will come from income tax and tax on profit, supplementary duty will contribute Tk 30,075 crore, excise duty Tk 4,449 crore, export duty Tk 44 crore and other taxes and duties will contribute Tk 1,428 crore.
"To achieve the target, the NBR is very much cautious from the very beginning of the fiscal," he said.
"We’re now under a little bit of pressure to realise the money as the target for this year is comparatively high," said the NBR official.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.
Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.